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Endeavour Sees Permit for Burkina Faso Gold Mine by Year-End

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Aug. 19 (Bloomberg) -- Endeavour Mining Corp., which runs gold operations in four West African nations, said it plans to get a permit for a second mine in Burkina Faso by the end of the year.

“We have had the public meetings and on the environmental side we’re going exceptionally well”, Chief Executive Officer Neil Woodyer said by phone from London on Aug. 13.

Endeavour completed the feasibility study for the Hounde project in southwestern Burkina Faso last year and will decide whether to build a mine once the permit it granted, he said. Hounde, which may have reserves to produce 180,000 to 200,000 ounces of gold annually, may need about $300 million to develop and will take 24 months to build, he said.

The Georgetown, Cayman Islands-based company produced a record 228,429 ounces of gold at an all-in cost of $1,039 an ounce in the first half ended June, it said in an Aug. 12 statement. Output will rise to as many as 440,000 ounces for the year, or 36 percent more than in 2013, mainly because of the start of operations at the Agbaou mine in Ivory Coast.

The company is looking for more reserves at Agbaou, which may extend its life beyond the planned eight to nine years, Woodyer said.

Endeavour also operates in Mali and Ghana.

To contact the reporter on this story: Olivier Monnier in Abidjan at omonnier@bloomberg.net

To contact the editors responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net Ana Monteiro, Indranil Ghosh

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